As previously announced in the Company’s news release dated May 9, 2016, Atlantis is comprised of unpatented placer claims and placer association claims totaling 2,882 acres (1,166 hectares), located approximately 25 miles (38 kilometres) northwest of the Silver Peak lithium brine mine operated by Albemarle Corporation (ALB), the only producing lithium mine in North America.
American Lithium CEO Michael Kobler said, "The acquisition of these additional lithium brine claims demonstrates our commitment to the Fish Lake Valley project area where the Company now holds approximately 10,000 acres of highly prospective claims.
"The Company is planning to restart exploration of the Atlantis property during the second half of 2016 including twinning of historical exploration drill targets, well brine sampling and geo-hydrological surveys, along with analysis of historical data with the goal of proving up historical data."
Mr. Kobler further commented, "American Lithium continues to advance its stated objective of evaluating and acquiring strategically located lithium projects in mining-friendly jurisdictions throughout the Americas."
Atlantis is the subject of an option agreement between Nevada Sunrise Gold Corporation ("Nevada Sunrise") and a Nevada-based property vendor.
With the closing of the acquisition of 1065604, American Lithium now holds the option to earn an 80% interest in Atlantis from Nevada Sunrise, subject to a royalty in favour of the underlying property vendor.
In consideration for all of the outstanding share capital of 1065604, the Company has issued 4,533,334 common shares and will assume 1065604’s obligations in respect of Atlantis.
The Company has completed cash payments of $148,000 to Nevada Sunrise and is required to incur exploration expenditures of not less than $1,000,000 and issue up to 1,250,000 common shares to Nevada Sunrise over a period of three years. All securities issued in connection with the acquisition of 1065604, and securities issued to Nevada Sunrise for Atlantis are subject to a four-month statutory hold period.
